Norwegian Air pledges Gatwick rights to push bond maturities

By Owen Sanderson
02 Sep 2019

Troubled airline Norwegian Air Shuttle has offered high yield bondholders security over its take-off and landing rights at London’s Gatwick Airport, in exchange for agreeing to extend the maturity of the debt.

The airline launched an emergency rights issue in January and more recently sold a stake in Norwegian Finans, its bank subsidiary, for $245m. It has sold $127m of aircraft so far this year. Its €250m 7.25% bond is due in December, while its Skr963.5m ($99.4m) floating rate note ...

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